Shorting our security- Financing the companies that make nuclear weapons

Who is trying to profit from weapons of mass destruction?

Our report: Shorting our security- Financing the companies that make nuclear weapons provides the answer.


Key findings

Total invested in top nuclear weapon producers: $748 billion

When examining the top companies involved in the nuclear weapon industry, we found over 748 billion USD invested in these companies by 325 financial institutions between January 2017 and January 2019. This reflects investments in the top 18 nuclear weapon producing companies, and is a snapshot provided for comparison purposes.These investments do not include loans that have expired or matured as of 1 January 2019 and reflect a threshold of 0.5% outstanding stocks and bonds.


Which financial institutions are included?

Please note that this table was updated in September 2019 to reflect the end of the loan by KBC to Serco.

Financial InstitutionCountryTotal Investments (US Millions)AecomAerojet RocketdyneAirbusBAE SystemsBechtelBoeingBWX TechnologiesFluorGeneral DynamicsHoneywellHuntington Ingalls IndustriesJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanSafranSercoThales
Abu Dhabi Investment CouncilUnited Arab Emirates50.050
Academy SecuritiesUnited States150.631127533
Aditya Birla GroupIndia161.5161
AegonNetherlands320.929103189
AetnaUnited States12.613
Affiliated Managers GroupUnited States 1,244.7 16240169820
AJOUnited States101.6102
Alkeon Capital ManagementUnited States75.976
AllianzGermany936.713631251271091474110712715
AllstateUnited States788.1414310214531664117572
Alyeska Investment GroupUnited States220.380140
American Century InvestmentsUnited States 2,264.6 2,163 101
American Equity Investment Life HoldingUnited States148.860403117
American FamilyUnited States323.2101105117
American Financial GroupUnited States44.73312
American International Group (AIG)United States608.1786967138270103
American National InsuranceUnited States36.837
American United Mutual InsuranceUnited States127.133413023
Ameriprise FinancialUnited States 6,904.8 42292 2,403 77536 1,722 7 1,158 63730
ANZAustralia 1,314.0 28115912257042145952581373376
Apollo Global ManagementUnited States50.050
Apple Financial HoldingsUnited States100.4100
Apto PartnersUnited States16.016
AQR Capital ManagementUnited States 2,937.5 1,833 566539
Ariel Capital HoldingsUnited States62.963
Aristotle Capital ManagementUnited States314.0314
Arovid AssociatesUnited States42.142
Artisan PartnersUnited States 1,122.0 408241305168
ASB HawaiiUnited States10.010
Auto-Owners InsuranceUnited States12.613
AvivaUnited Kingdom239.820606154
AXAFrance 1,315.9 13 1,283 514
AXA EquitableUnited States 3,733.7 53197 1,676 937613971412
Axis BankIndia50.651
BairdUnited States45.946
Banco Bilbao Vizcaya Argentaria (BBVA)Spain 4,280.8 52733133991 2,528 297167
Banco de SabadellSpain127.07453
Bank HapoalimIsrael56.857
Bank of AmericaUnited States 29,032.9 1,828 63226591828 4,512 334 2,360 6,145 4,324 781593 4,750 1,516 73
Bank of ChinaChina403.5259145
Bank of East AsiaChina74.11559
Bank of IrelandIreland43.443
Bank of New York MellonUnited States 9,028.8 7048510 4,015 62203642 1,697 13472754688134
Bank of Philippine IslandsPhilippines33.333
BarclaysUnited Kingdom 5,038.9 264331 1,094 51937633 1,456 200283252230
Baron CapitalUnited States34.635
BayernLBGermany518.6115259145
BB&TUnited States424.1283713616657
Beach Point Capital ManagementUnited States50.050
BlackRockUnited States 61,200.1 463412 1,990 1,710 25,382 404577 3,665 7,882 927650639 6,229 4,193 4,492 65 1,518
Blaylock Beal VanUnited States118.497633
BMO Financial GroupCanada 1,589.9 284 1,152 11440
BNP ParibasFrance 9,967.3 1,700 84691 1,280 503326 2,130 297 1,271 302784438
BOK FinancialUnited States43.644
BPCE GroupFrance 2,524.0 2945544 1,054 943
Brown Advisory ManagementUnited States321.4321
Cacti Asset ManagementUnited States50.851
Caisse de dépôt et placement du QuébecCanada682.9124559
Caixa Geral de DepósitosPortugal33.333
Calamos InvestmentsUnited States5.05
Canara BankIndia10.010
Capital GroupUnited States 59,096.3 77 15,183 2,237 18,447 439 5,385 9,393 3,405 4,220 311
Capital One FinancialUnited States814.322746100276166
Cardinal Capital Management (US)United States41.241
Carillon Tower AdvisersUnited States41.41823
Carlyle GroupUnited States100.56041
Carmignac GestionFrance36.637
CastleOak SecuritiesUnited States9.29
Cathay FinancialTaiwan49.924232
Cathay General BancorpUnited States88.944378
Central Pacific Financial CorporationUnited States6.06
Chang Hwa Commercial BankTaiwan40.12020
Charles SchwabUnited States 2,786.0 33 1,681 43576356853
CI FinancialCanada275.0275
CIBCCanada85.085
CignaUnited States19.920
Cincinnati FinancialUnited States8.08
CitadelUnited States870.1186187497
CITICChina28.028
CitigroupUnited States 17,016.7 20120481763828 4,975 841208 4,480 236 1,756 1,277 950
Citizens Financial GroupUnited States467.38210310733142
CL King & AssociatesUnited States9.29
CNO Financial GroupUnited States32.232
ComericaUnited States75.753617
CommerzbankGermany 1,322.3 1014959131313733153
Commonwealth Bank of AustraliaAustralia188.011573
Crédit AgricoleFrance 7,788.4 819 2,572 91228382186206145704 1,409 73974
Crédit Mutuel CIC GroupFrance 1,497.0 443319122485493230
Credit SuisseSwitzerland 1,312.9 11540913776
CTBC Financial HoldingTaiwan33.333
Cuna Mutual GroupUnited States1.62
Danske BankDenmark260.1115145
Dassault FamilyFrance 6,772.5 6,772
Davis Selected AdvisersUnited States266.4266
DBSSingapore681.611526922573
Denver InvestmentsUnited States17.8314
Deutsche BankGermany 6,757.4 29 1,171 325 2,301 69 1,790 8302763
Development Bank of JapanJapan300.0300
Dimensional Fund AdvisorsUnited States 1,973.0 15683 1,114 4812386192171
Divine Capital MarketsUnited States4.55
Drexel HamiltonUnited States119.9117633
DSP GroupIndia159.8160
DZ BankGermany 1,525.1 115189826395
E.SUN FinancialTaiwan86.95433
EADS ESOP (Airbus Employees)France 1,542.4 1,542
Eagle Financial BancorpUnited States12.913
East Side CapitalUnited States71.071
Eastern BankUnited States56.857
Eaton VanceUnited States 2,181.9 2,070 1498
Empresas Juan YarurChile19.720
Farallon Capital ManagementUnited States362.5363
FBR & CoUnited States1.11
Federated InvestorsUnited States9.610
Fidelity InternationalUnited Kingdom215.212392
Fidelity InvestmentsUnited States 15,700.1 8554338 6,349 84307 1,639 970 1,042 343919 2,242 386221
Fiera CapitalCanada4.04
Fifth Third BancorpUnited States709.9176823037574
First Abu Dhabi BankUnited Arab Emirates 1,275.1 90118922543376
First Financial HoldingTaiwan57.12532
First HawaiianUnited States96.296
First HorizonUnited States64.965
First Midwest BancorpUnited States43.644
First Niagara FinancialUnited States56.857
First Trust AdvisorsUnited States25.826
FirstBankUnited States15.015
FirstMeritUnited States33.333
Fisch Asset ManagementSwitzerland41.141
Focus Financial PartnersUnited States101.4101
Franklin ResourcesUnited States 5,922.6 16 1,668 1,305 129200781 1,111 7920040428
Fundación Bancaria IbercajaSpain10.811
Fuyo General LeaseJapan214.1214
General Insurance Corporation of IndiaIndia434.6435
Geode Capital ManagementUnited States 8,742.2 5123 4,498 55105679 1,492 155122945618
GGCPUnited States286.8287
Goldman SachsUnited States 8,595.0 611626591 3,429 249208 2,490 151222304 1,109
Great Pacific SecuritiesUnited States12.713
Greenhaven AssociatesUnited States593.644550
GroupamaFrance68.568
Groupe La FrancaiseFrance42.042
Guardian Life Insurance Company of AmericaUnited States149.525783512
Guggenheim CapitalUnited States388.31130364716091203
Guzman & CoUnited States11.311
Hancock WhitneyUnited States45.045
Hotchkis & Wiley Capital ManagementUnited States14.214
Housing Development Finance CorporationIndia 1,160.9 1,161
HSBCUnited Kingdom 2,976.5 52748137629727913773806
Hua Nan FinancialTaiwan46.246
ICICI BankIndia 1,408.2 328 1,080
IKB Deutsche Industriebank AktiengesellschaftGermany163.2163
Industrial and Commercial Bank of ChinaChina712.865115236297
ING GroupNetherlands612.8115498
Intesa SanpaoloItaly567.717810020584
Intrinsic Value InvestorsUnited Kingdom39.540
InvescoUnited Kingdom 2,965.3 1186 1,416 8589 1,027 14084
Investec GroupSouth Africa150.413416
Jacobs Levy Equity ManagementUnited States49.349
Janus HendersonUnited Kingdom 6,104.9 4,575 1226945279478330
JM FinancialIndia50.651
JPMorgan ChaseUnited States 23,962.1 70510235091228 5,452 356 4,776 3,684 504127 1,756 4,771 30073687
Jupiter Fund ManagementUnited Kingdom147.7611824
Kelso & CompanyUnited States91.491
KeyCorpUnited States226.1827074
KfWGermany115.1115
Kotak Mahindra BankIndia218.7219
L&T Employees Welfare FoundationIndia 3,017.7 3,018
L&T Finance HoldingsIndia190.4190
Land Bank of TaiwanTaiwan20.020
Landesbank Baden-Württemberg (LBBW)Germany115.1115
Landesbank Hessen-ThüringenGermany148.111533
LazardUnited Kingdom 1,120.6 766354
Lebenthal HoldingsUnited States13.514
Legal & GeneralUnited Kingdom 2,092.0 363 1,598 445829
Legg MasonUnited States 2,554.0 13822391318691 1,167 17210992012
Letko Brosseau & AssociatesCanada48.448
Liberty Mutual InsuranceUnited States283.21568615980
Life Insurance Corporation of IndiaIndia 4,319.0 4,319
Lincoln Peak Capital ManagementUnited States47.848
Lloyds Banking GroupUnited Kingdom 4,311.1 9211591339206 2,055 607571252839
Loews CorporationUnited States39.73010
Longview Asset ManagementUnited States 6,690.0 6,690
Loop CapitalUnited States53.14112
Lord, Abbett & CoUnited States192.83510147
LSV Asset ManagementUnited States238.916375
Luminus ManagementUnited States97.097
Lyrical Asset ManagementUnited States153.0153
M&T BankUnited States236.937200
MacifFrance50.751
Macquarie GroupAustralia 1,516.0 13299137213717088175
Madison InvestmentUnited States100.2100
MagallanesSpain16.717
Majedie Asset ManagementUnited Kingdom240.817170
Manulife FinancialCanada538.51978138667681
Marathon Asset Management (UK)United Kingdom217.314473
Marshall WaceUnited Kingdom66.867
MassMutual FinancialUnited States 2,046.3 1,054 49597697540
MBSUnited States10.711
Mega FinancialTaiwan121.86260
MetLifeUnited States957.69914019130102417822511619
MFRUnited States16.016
Millennium ManagementUnited States83.42064
Mischler Financial GroupUnited States43.71133
Mitsubishi UFJ FinancialJapan 10,668.6 1,250 102331 1,172 15052991 2,099 1,958 27217350431842948873729
Mizuho FinancialJapan 6,833.5 3706459166070 1,572 297577100 1,914 5289
Modern Woodmen of AmericaUnited States71.225102511
Morgan StanleyUnited States 9,325.4 1885726591 3,404 7150 2,674 88214 1,366 379479
MSD PartnersUnited States66.967
Munich ReGermany43.043
National Life GroupUnited States20.020
National Western Life GroupUnited States30.030
Nationwide Mutual InsuranceUnited States 1,020.2 651611331852152574
Neuberger BermanUnited States 1,204.7 1,205
New Jersey Department of the TreasuryUnited States89.94347
New York Life InsuranceUnited States 1,489.6 7214738919416216217391732171011160
New York State Common Retirement FundUnited States 1,107.1 1,075 32
NewSouth Capital ManagementUnited States111.5112
NomuraJapan297.02295
Northern TrustUnited States 10,828.3 6731811 4,841 14786728 1,693 169210 1,433 613
Northwestern Mutual Life InsuranceUnited States 1,148.1 324184177145823041677739
Norwegian Government Pension Fund - GlobalNorway715.0289426
Oddo BHFFrance342.6343
Odey Asset ManagementUnited Kingdom13.113
Old MutualUnited Kingdom608.945564
Old Republic InternationalUnited States39.22316
Opus Corporate Finance LLPUnited Kingdom37.237
Orbis GroupUnited Kingdom68.368
Orix CorporationJapan 1,826.8 1,618 70139
Pacific Asset ManagementUnited States107.7421013403
Pacific Century GroupChina26.91314
Payden & RygelUnited States2.22
Penserra Capital ManagementUnited States19.520
People's United FinancialUnited States130.47457
PNC Financial ServicesUnited States 1,006.1 6330440016674
Point72 Asset ManagementUnited States48.248
Power Financial CorporationCanada 3,264.1 26 1,993 76346220
Primecap ManagementUnited States 3,546.3 623 2,288 636
Principal Financial GroupUnited States 1,692.4 204432 1,336 7638358823
Prudential (UK)United Kingdom541.81814297749129
Prudential Financial (US)United States 7,762.3 56 6,404 519113122733527555715
Pzena Investment ManagementUnited States79.279
R. Seelaus & CoUnited States4.95
Raymond James FinancialUnited States216.044707528
Regions FinancialUnited States953.5821683482653357
Reinhart PartnersUnited States27.327
Reliance GroupIndia413.8414
Renaissance TechnologiesUnited States18.619
Riyad BankSaudi Arabia828.115046722189
Rothschild GroupFrance24.825
Rouvier AssociésFrance18.919
Royal Bank of CanadaCanada 6,699.9 10226591 2,148 2,071 1,051 80892
Royal Bank of ScotlandUnited Kingdom 1,821.4 33191228125222972798513773153
Ruane, Cunniff & GoldfarbUnited States480.1480
RWC PartnersUnited Kingdom59.359
SantanderSpain 2,193.6 33141814514548814653
SAR HoldingUnited States12.513
SchrodersUnited Kingdom165.2165
Schweizerische NationalbankSwitzerland 1,314.2 1,314
ScotiabankCanada 4,030.7 1,558 136206630145427792137
SecurianUnited States4.55
Select Equity PartnersUnited States102.2102
Serco Group Employee Benefit TrustUnited Kingdom11.712
Siebert Brandford Shank FinancialUnited States6.06
Siebert Cisneros Shank & CoUnited States5.25
SiemensGermany114.1114
Silchester International InvestorsUnited Kingdom759.2759
Skandinaviska Enskilda BankenSweden205.611591
SMBC GroupJapan 3,822.8 50957481917856240206512297201232432102843376
Sociedad Estatal de Participaciones IndustrialesSpain 3,219.0 3,219
Société GénéraleFrance 8,201.5 1,363 91379297 2,282 3,791
Sound Shore ManagementUnited States130.4130
Southern Farm Bureau Life InsuranceUnited States7.644
SSI Investment ManagementUnited States1.92
Standard CharteredUnited Kingdom895.953115225206297
Standard Life AberdeenUnited Kingdom374.43668
State Bank of IndiaIndia 1,035.7 8419811458357
State FarmUnited States 1,429.9 431051497033028075246133
State FundUnited States179.09287
State StreetUnited States 52,834.9 152119339 20,355 137338 2,541 5,168 836796 16,006 6,029 20
State Teachers Retirement System of OhioUnited States35.636
Steel Partners HoldingsUnited States142.1142
Stifel FinancialUnited States63.120394
Strategic Income ManagementUnited States27.71215
Sumitomo Mitsui TrustJapan 1,613.0 1,613
Sun Life FinancialCanada 2,704.8 74126320975 1,498 4121
SunTrustUnited States 1,446.2 44614233830333185
Synovus Financial CorporationUnited States56.857
T. Rowe PriceUnited States 31,234.5 241 23,292 790 3,177 3,479 256
Taiwan Business BankTaiwan20.020
Taiwan Cooperative FinancialTaiwan20.020
Telsey Advisory GroupUnited States17.117
Thales Employees Stock Ownership PlanFrance755.8756
The HartfordUnited States155.37085
The London Company of VirginiaUnited States388.5389
Thrivent FinancialUnited States355.44630172108
TIAAUnited States 10,789.2 18824481129 4,890 38116 2,107 181 1,225 1,336 75
Toronto-Dominion BankCanada 4,230.2 327115223 1,695 330257297166551268
TravelersUnited States454.0553111110111331588
Tribal Capital MarketsUnited States14.615
Two Sigma InvestmentsUnited States564.8565
UBSSwitzerland 6,315.0 17265160 3,399 1,320 11197965
UniCreditItaly 1,398.5 35614551830376
Union BanksharesUnited States6.87
Unit Trust of IndiaIndia436.9437
United Overseas BankSingapore76.476
United Services Automobile AssociationUnited States55.02035
Unum GroupUnited States280.820436208677209
US BancorpUnited States 4,314.4 141122482330376532297427596747264
VanguardUnited States 66,048.0 462250 1,488 738 31,487 553876 4,778 8,947 1,330 1,063 258 7,785 4,539 1,123 29341
VerisightUnited States 31,508.7 57 23,897 4,274 3,280
Victory CapitalUnited States118.87841
Voya FinancialUnited States194.42942732526
Waddell & Reed FinancialUnited States985.73711603335
WBC HoldingsUnited States467.1467
Wedge Capital ManagementUnited States39.840
Wellington ManagementUnited States 12,849.7 128689 1,561 72 2,530 2,242 4,049 1,211 369
Wells FargoUnited States 20,260.8 69017491 3,795 562287 5,563 1,875 897 2,341 1,572 2,413
Western & Southern FinancialUnited States116.5116
WestpacAustralia 1,487.5 50115525112686
White Mountains InsuranceUnited Kingdom439.9971337328109
Williams Capital GroupUnited States149.1417533
Winslow Asset ManagementUnited States24.725
Woodforest FinancialUnited States66.867
WoodmenLifeUnited States20.020
ZB FinancialZimbabwe43.644
Zions BancorporationUnited States102.05646
Is your bank on the list?  Give customer service a call!

10 Financial Institutions made more than half of all investments

More than half of all investments were made by ten financial institutions: Vanguard, BlackRock, Capital Group, State Street, Verisight (now known as Newport Group), T. Rowe Price, Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup.


Comparison to previous analysis shows 42% increase in financing

The total amount invested increased by 42% from US$ 525 billion in the previous report to US$ 748 in this report. The most significant changes were increases in investments in Boeing (192%) and Thales (300%), while investments in Bechtel and Serco dropped.

The amount of outstanding stock for Boeing has increased dramatically in the past year. In the last report, total Boeing shareholding amounted to US$ 59,650 million, whereas this report is showing total outstanding Boeing shares in the amount of US$ 254,296 million. The financial research period for this report concluded before the latest Boeing 737 Max airplane crash, and the subsequent challenges the company faced. Boeing ended 2018 with earnings of $10.46 billion or $17.85 per share on revenue of $101.13 billion, and Boeing continues to capitalise on contracts for drones and planes, as well as for other technologies (including nuclear missiles). The increase in the total amount invested in Boeing is due mostly to the rising share price of Boeing that started late 2016: Boeing has seen a roughly 40% share price increase since the publication of our previous report.

When examining the overall comparison excluding Boeing, there is still an increase in the overall amount of money invested, but it is not nearly so dramatic: 494 billion in 2019 vs 438 billion in 2018, a change of only 13%.

Don’t Bank on the Bomb does not list every single investment into the companies listed as part of the nuclear weapon industry. The report does not include investments made by governments, universities, or churches, only financial institutions. This selection of financial institutions is limited by a reporting threshold. Only share and bond holdings larger than 0.5% of the total number of outstanding shares of the nuclear weapon producing companies are listed. The reason for this is practical: a threshold of 0.1% for example would have resulted in a report profiling nearly 3,000 financial institutions, with mostly minuscule investments. Instead, this report focuses on the institutional investors that choose every day where to put their clients’ money.

The information is also limited to information available in the public domain. Although the sources on which the information is based are reputable and well-known, they are themselves not comprehensive. The numbers provided in the report are therefore a conservative estimation of the total global investments in the nuclear weapons industry.

Added note: This report cites Bank of the Philippine Islands (BPI) as having financial exposure to General Dynamics. Our data indicated this concerns a USD 33.3 millions corporate loan issued by BPI to another company, CSRA Inc., on 27 November 2015. On 2 April 2018, General Dynamics acquired CSRA Inc. According to our data, the loan issued by BPI to CSRA Inc. had not yet matured by that time. In accordance with our research methodology, BPI was consequently identified as having financial exposure to General Dynamics in the period between 2 April 2018 and 27 November 2020. BPI, however, states that the loan issued to CSRA Inc. “was fully paid in 2016 or two years before the company was acquired by General Dynamics in 2018”. From this, it would follow that BPI’s financial relations with CSRA Inc. ended when the loan that had been issued to CSRA Inc. was fully paid in 2016 and that, therefore, BPI has had no financial exposure to General Dynamics. As our research methodology is based on available sources we are not in a position to confirm whether individual loan payments have taken place.